Eni and Global Infrastructure Partners, a part of BlackRock, have announced £500 million in fresh financing for their carbon capture business, marking a major vote of confidence in one of Europe’s biggest industrial decarbonization projects.

 

The funding, raised through Eni CCUS Holding, comes after overwhelming market demand following the successful project financing of the Liverpool Bay CCS (LBCCS) project — the core infrastructure behind the UK’s HyNet industrial decarbonization cluster.

 

Interest from lenders significantly exceeded the original fundraising target, underscoring growing investor appetite for large-scale carbon capture and storage (CCS) projects tied to the energy transition.

 

A consortium of 13 international banks — Banco BPM, BNP Paribas, BPER, DNB, ING, Intesa Sanpaolo, Mediobanca, Mizuho, MUFG, NatWest, SMBC, Societe Generale, and UniCredit — backed the facility, with BNP Paribas serving as sole financial advisor.

 

The financing strengthens Eni CCUS Holding’s push to build a broader CCS platform across Europe as governments and heavy industries race to cut emissions.

 

The Liverpool Bay CCS project reached financial close with the UK government in April 2025 and is already moving ahead, with more than 30% of construction completed on schedule.

 

Once operational in 2028, the project is expected to capture and store 4.5 million tonnes of CO₂ annually in its first phase, with capacity potentially rising to 10 million tonnes a year in the 2030s. Carbon emissions will be permanently stored in depleted gas reservoirs beneath the seabed of Liverpool Bay.

 

The project will repurpose existing offshore platforms and pipeline infrastructure while building new pipeline links connecting industrial emitters across North West England and North Wales.

 

The new financing will also support Eni CCUS Holding’s expanding portfolio, including the L10-CCS project in the Netherlands and the proposed Bacton CCS project in the UK, both seen as critical future hubs for industrial decarbonization in Europe.

 

Eni CCUS Holding also retains the option to acquire Eni’s 50% stake in the Ravenna CCS project in Italy as it continues to expand its long-term carbon capture platform.

 

Eni said the deal demonstrates the success of its “satellite model,” designed to attract external strategic capital into energy transition businesses while accelerating growth and value creation.